Officials from the Mediterranean island have been engaging with their Thai counterparts in an attempt to boost relations between the two countries.
Cyprus is attractive to Thailand because of its status as a European Union member. It is also one of few EU member states to offer a citizenship-by-investment option.
Benefits of Cyprus Citizenship
- The investor and family become citizens of Cyprus and the European Union.
- The Cypriot passport allows for visa-free travel throughout the European Union and more than 140 nations including the most developed countries in the world.
- Investors can seek long-term residence in other European Union member countries without onerous residence requirements.
- Access to a relaxed and comfortable lifestyle with quality healthcare and education.
- Ability to retain dual citizenship and passport of second country along with Cypriot citizenship.
It means Thai nationals can become EU citizens for an outlay of €2.5 million (100 million Thai baht). Permanent residency is on offer for €300,000 (11.6 million baht). Tax incentives for investors also make Cyprus an attractive option.
Other advantages include good location, solid infrastructure, a developed business community, a robust legal and regulatory framework and good quality of life.
Cyprus’s location makes it a key player for rich Middle Eastern investors looking for a second citizenship.
But clearly the country is looking to diversify where its investors come from.
The investment immigration programs have helped Cyprus emerge from the 2008 financial crisis, when it was one of the worst hit countries in Europe.
Now it has developed more stability, with per capita income higher than average, according to the International Monetary Fund (IMF).
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